Niels Faassen

Morningstar, Inc. (Research) is the investment research arm of Morningstar, Inc. (NASDAQ: MORN), an American financial services firm headquartered in Chicago, Illinois. The firm was founded by Joseph Mansueto in 1984 and provides independent portfolio information offering star ratings and analysis of managed funds. They also provide economic commentary and asset allocation information based on qualitative research.

Kirr, Marbach & Co. LLC (KM) is an independent, SEC-registered investment advisor headquartered in Columbus, Indiana. The firm was founded in 1975 by David M. Kirr and Terry B. Marbach. KM manages separate accounts and is the adviser to the Kirr, Marbach Partners Value Fund (KMVAX), an open-end registered investment company.

Indiana University Foundation provides financial support to education and charitable causes. The company was founded in 1936 and is headquartered in Bloomington, IN.

Clifford Capital Partners LLC (CCP) is an independent registered investment advisor headquartered in Alpine, Utah. The firm was founded by Ryan Batchelor and Wayne Pierson in 2010. CCP provides portfolio management services to individuals, trusts, estates, corporations, charitable organizations, other investment advisers, institutions and registered investment companies.

The Royal Bank of Scotland International Ltd. provides personal and corporate banking services. It offers offshore banking, personal banking, and corporate banking. The company was founded in 1966 and is headquartered in St. Helier, Jersey.

Old Mutual Wealth Ltd. provides life insurance and reinsurance services. The company was founded on November 22, 1982 and is headquartered in Southampton, the United Kingdom.

The University of Melbourne, founded in 1853, is a world-renowned institution located in Parkville, Australia. The university is a leader in education, teaching, and research, offering a wide range of coursework and research programs.

Brandywine Global Investment Management LLC (Brandywine Global) is a SEC-registered investment advisor headquartered in Philadelphia, Pennsylvania. The firm was founded in 1986 and is a wholly-owned subsidiary of Legg Mason, Inc., which is owned by Franklin Resources, Inc. (NYSE: BEN). Brandywine Global provides discretionary investment management services to a variety of clients such as institutions, individuals, and various registered and unregistered pooled investment vehicles. In addition, they are the sub-advisor to affiliated and non-affiliated mutual funds and act as a sub-advisor to several wrap programs sponsored by unaffiliated program sponsors.

ING Bank NV (Broker) (ING Bank-Broker) is the broker-dealer division of ING Bank NV, an investment bank headquartered in Amsterdam, Netherlands. It is a wholly-owned subsidiary of ING Groep N.V. (AMS: INGA; NYSE: ING), a Dutch multinational banking and financial services corporation. The firm was founded in 1991 through the merger of Nationale-Nederlanden and NMB Postbank Groep. ING Bank-Broker provides brokerage services to institutions, large corporations, and medium-sized companies.

Hérens Quality Asset Management AG (HQAM) is the asset management subsidiary of CEAMS Holding AG in Switzerland. Formerly known as CE Asset Management AG, established in 1993, the firm is based in Pfaffikon and provides research, consulting and asset management solutions for private and institutional investors as well as corporate decision-makers. The firm's clients include private investors, Swiss family offices and pension funds, in addition to banks and insurance companies. They manage a range of Luxembourg- and Swiss-domiciled funds.